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| Name | Symbol | Market | Type |
|---|---|---|---|
| Mfs Aggressive Growth Allocation Fund Share Class - 529A (MM) | NASDAQ:EAGTX | NASDAQ | Fund |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
|
SUMMARY PROSPECTUS November 28, 2012
|
|
MFS ® Emerging Markets Debt Local Currency Fund
Before you invest , you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus and other information about the fund, including the fund’s statement of additional information, online at funds.mfs.com. You can also get this information at no cost by calling 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com. The fund’s prospectus and statement of additional information, both dated November 28, 2012, as may be supplemented from time to time, are incorporated by reference into this Summary Prospectus.
|
CLASS |
|
TICKER
|
|
Class A |
|
EMLAX |
|
Class B |
|
EMLBX |
|
Class C |
|
EMLCX |
|
Class I |
|
EMLIX |
|
Class R1 |
|
EMLJX |
|
Class R2 |
|
EMLKX |
|
Class R3 |
|
EMLLX |
|
Class R4 |
|
EMLMX |
|
Class R5 |
|
EMLNX |
Summary of Key Information
Investment Objective
The fund’s investment objective is to seek total return with an emphasis on high current income, but also considering capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay when you buy and hold shares of the fund. The annual fund operating expenses for Class R5 shares are based on estimated “Other Expenses” for the current fiscal year expressed as a percentage of the fund’s estimated average net assets during the period.
You may qualify for sales charge reductions if you and certain members of your family invest, or agree to invest in the future, at least $50,000 in MFS Funds. More information about these and other waivers and reductions is available from your financial intermediary and in “Sales Charges and Waivers or Reductions” on page 8 of the fund’s prospectus and “Waivers of Sales Charges” on page I-13 of the fund’s statement of additional information Part I.
Shareholder Fees (fees paid directly from your investment):
|
Share Class |
|
A |
|
B |
|
C |
|
I |
|
ALL R |
|
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
4.75 |
% |
None |
|
None |
|
None |
|
None |
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) |
|
1.00 |
% # |
4.00 |
% |
1.00 |
% |
None |
|
None |
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
|
Share Class |
|
A |
|
B |
|
C |
|
I |
|
R1 |
|
R2 |
|
R3 |
|
R4 |
|
R5 |
|
|
Management Fee |
|
0.75 |
% |
0.75 |
% |
0.75 |
% |
0.75 |
% |
0.75 |
% |
0.75 |
% |
0.75 |
% |
0.75 |
% |
0.75 |
% |
|
Distribution and/or Service (12b-1) Fees |
|
0.25 |
% |
1.00 |
% |
1.00 |
% |
None |
|
1.00 |
% |
0.50 |
% |
0.25 |
% |
None |
|
None |
|
|
Other Expenses |
|
1.30 |
% |
1.30 |
% |
1.30 |
% |
1.30 |
% |
1.30 |
% |
1.30 |
% |
1.30 |
% |
1.30 |
% |
1.30 |
% |
|
Total Annual Fund Operating Expenses |
|
2.30 |
% |
3.05 |
% |
3.05 |
% |
2.05 |
% |
3.05 |
% |
2.55 |
% |
2.30 |
% |
2.05 |
% |
2.05 |
% |
|
Fee Reductions and/or Expense Reimbursements 1 |
|
(1.06 |
)% |
(1.06 |
)% |
(1.06 |
)% |
(1.06 |
)% |
(1.06 |
)% |
(1.06 |
)% |
(1.06 |
)% |
(1.06 |
)% |
(1.06 |
)% |
|
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
|
1.24 |
% |
1.99 |
% |
1.99 |
% |
0.99 |
% |
1.99 |
% |
1.49 |
% |
1.24 |
% |
0.99 |
% |
0.99 |
% |
# On shares purchased without an initial sales charge and redeemed within 18 months of purchase for shares purchased on or after August 1, 2012, and within 24 months of purchase for shares purchased prior to August 1, 2012.
1 Massachusetts Financial Services Company has agreed in writing to bear the fund’s expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses (such as interest and borrowing expenses incurred in connection with the fund’s investment activity), such that “Total Annual Fund Operating Expenses” do not exceed 1.25% of the fund’s average daily net assets annually for each of Class A and Class R3 shares, 2.00% of the fund’s average daily net assets annually for each of Class B, Class C and Class R1 shares, 1.00% of the fund’s average daily net assets annually for each of Class I and Class R4 shares, 1.50% of the fund’s average daily net assets annually for Class R2 shares, and 0.99% of the fund’s average daily net assets annually for Class R5 shares. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue until at least November 30, 2013.
EML-SUM-112812
MFS Emerging Markets Debt Local Currency Fund
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that: you invest $10,000 in the fund for the time periods indicated and you redeem your shares at the end of the time periods (unless otherwise indicated); your investment has a 5% return each year; and the fund’s operating expenses remain the same.
Although your actual costs will likely be higher or lower, under these assumptions your costs would be:
|
|
|
1 YEAR |
|
3 YEARS |
|
5 YEARS |
|
10 YEARS |
|
||||
|
Class A Shares |
|
$ |
595 |
|
$ |
1,062 |
|
$ |
1,555 |
|
$ |
2,907 |
|
|
Class B Shares assuming |
|
|
|
|
|
|
|
|
|
||||
|
redemption at end of period |
|
$ |
602 |
|
$ |
1,143 |
|
$ |
1,709 |
|
$ |
3,114 |
|
|
no redemption at end of period |
|
$ |
202 |
|
$ |
843 |
|
$ |
1,509 |
|
$ |
3,114 |
|
|
Class C Shares assuming |
|
|
|
|
|
|
|
|
|
||||
|
redemption at end of period |
|
$ |
302 |
|
$ |
843 |
|
$ |
1,509 |
|
$ |
3,290 |
|
|
no redemption at end of period |
|
$ |
202 |
|
$ |
843 |
|
$ |
1,509 |
|
$ |
3,290 |
|
|
Class I Shares |
|
$ |
101 |
|
$ |
540 |
|
$ |
1,006 |
|
$ |
2,295 |
|
|
Class R1 Shares |
|
$ |
202 |
|
$ |
843 |
|
$ |
1,509 |
|
$ |
3,290 |
|
|
Class R2 Shares |
|
$ |
152 |
|
$ |
693 |
|
$ |
1,260 |
|
$ |
2,806 |
|
|
Class R3 Shares |
|
$ |
126 |
|
$ |
617 |
|
$ |
1,134 |
|
$ |
2,554 |
|
|
Class R4 Shares |
|
$ |
101 |
|
$ |
540 |
|
$ |
1,006 |
|
$ |
2,295 |
|
|
Class R5 Shares |
|
$ |
101 |
|
$ |
540 |
|
$ |
1,006 |
|
$ |
2,295 |
|
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These transaction costs, which are not reflected in “Annual Fund Operating Expenses” or in the “Example,” affect the fund’s performance. For the period from the fund’s commencement of operations on September 15, 2011 to the fund’s fiscal year end of July 31, 2012, the fund’s portfolio turnover rate was 75% of the average value of its portfolio.
Principal Investment Strategies
MFS (Massachusetts Financial Services Company, the fund’s investment adviser) normally invests at least 80% of the fund’s net assets (i) in debt instruments of issuers that are tied economically to emerging market countries and denominated in local currencies and (ii) in derivative instruments with similar economic characteristics to these instruments. Emerging market countries include countries located in Latin America, Asia, Africa, the Middle East, and developing countries of Europe, primarily Eastern Europe.
Debt instruments include corporate bonds, U.S. Government securities, foreign government securities, asset-backed securities, and other obligations to repay money borrowed.
MFS generally focuses on foreign government and government-related debt instruments, but may also invest in corporate debt instruments.
MFS may invest up to 100% of the fund’s assets in less than investment grade quality debt instruments (lower quality debt instruments).
MFS may invest a large percentage of the fund’s assets in issuers in a single country, a small number of countries, or a particular geographic region.
The fund is a non-diversified fund. This means that MFS may invest a relatively large percentage of the fund’s assets in a single issuer or a small number of issuers.
While MFS may use derivatives for any investment purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives include futures, forward contracts, options, structured securities, inverse floating rate instruments, and swaps.
MFS generally uses a top-down approach to buying and selling investments for the fund. MFS allocates the fund’s assets across countries and selects investments primarily based on fundamental economic and financial analysis. Quantitative models that systematically evaluate economic and financial factors may also be considered. MFS may also use a bottom-up investment approach, particularly for corporate debt instruments, selecting investments based on fundamental analysis of individual instruments and their issuers.
Principal Risks
As with any mutual fund, the fund may not achieve its objective and/or you could lose money on your investment in the fund. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
The principal risks of investing in the fund are:
Interest Rate Risk: The price of a debt instrument falls when interest rates rise and rises when interest rates fall. Instruments with longer maturities, or that do not pay current interest, are more sensitive to interest rate changes.
Credit Risk: The price of a debt instrument depends, in part, on the credit quality of the issuer, borrower, counterparty, or underlying collateral or assets and the terms of the instrument. The price of a debt instrument can decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral or assets, or changes in specific or general market, economic, industry, political, regulatory, geopolitical, or other conditions.
Lower quality debt instruments (commonly referred to as “high yield securities” or “junk bonds”) can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Lower quality debt instruments are regarded as having predominantly speculative characteristics. Lower quality debt instruments tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments.
Foreign and Emerging Markets Risk: Exposure to foreign markets, especially emerging markets, through issuers or currencies can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments, especially those in emerging markets, more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, and economic instability than developed markets.
Currency Risk: The value of foreign currencies relative to the U.S. dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions, and a decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.
MFS Emerging Markets Debt Local Currency Fund
Geographic Concentration Risk: The fund’s performance could be closely tied to the market, currency, economic, political, regulatory, geopolitical, or other conditions in the countries or regions in which the fund invests and could be more volatile than the performance of more geographically-diversified funds.
Non-Diversification Risk: Because MFS may invest a relatively large percentage of the fund’s assets in a single issuer or small number of issuers, the fund’s performance could be closely tied to the value of that one issuer or issuers, and could be more volatile than the performance of diversified funds.
Derivatives Risk: Derivatives can be highly volatile and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based. Gains or losses from derivatives can be substantially greater than the derivatives’ original cost. Derivatives can involve leverage.
Leveraging Risk: Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses.
Liquidity Risk: It may not be possible to sell certain investments, types of investments, and/or segments of the market at any particular time or at an acceptable price.
Counterparty and Third Party Risk: Transactions involving a counterparty or third party other than the issuer of the instrument are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction.
Investment Selection Risk: MFS’ investment analysis and its selection of investments may not produce the intended results and/or can lead to an investment focus that results in the fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the fund invests.
Performance Information
The bar chart and performance table are not included because the fund has not had a full calendar year of operations.
Investment Adviser
MFS serves as the investment adviser for the fund.
Portfolio Manager(s)
|
Portfolio Manager |
|
Since |
|
Title |
|
Ward Brown |
|
2011 |
|
Investment Officer of MFS |
|
Matthew W. Ryan |
|
2011 |
|
Investment Officer of MFS |
Purchase and Sale of Fund Shares
You may purchase and redeem shares of the fund each day the New York Stock Exchange is open for trading. You may purchase or redeem shares either by having your financial intermediary process your purchase or redemption, or through MFS Service Center, Inc. (MFSC) by overnight mail (MFSC, c/o Boston Financial Data Services, 30 Dan Road, Canton, MA 02021-2809), by mail ([Fund Name], P.O. Box 55824, Boston, MA 02205-5824), by telephone (1-800-225-2606), or via the Internet at mfs.com (MFS Access).
The fund’s initial and subsequent investment minimums generally are as follows:
|
Class |
|
Initial Minimum |
|
Subsequent Minimum |
|
Class A, Class B, Class C |
|
None – automatic investment plans and certain asset-based fee programs $25 – employer-sponsored retirement plans $250 – Traditional and Roth IRAs $1,000 – other accounts |
|
$50 – by check and non-systematic written exchange request, and via MFSC telephone representatives None – other purchases |
|
Class I, Class R1, Class R2, Class R3, Class R4, Class R5 |
|
None |
|
None |
Taxes
If your shares are held in a taxable account, the fund’s distributions are taxable to you, and will be taxed as ordinary income and/or capital gains.
Payments to Broker/Dealers and Other Financial Intermediaries
If you purchase shares of the fund through a broker/dealer or other financial intermediary (such as a bank), the fund, MFS, and MFS’ affiliates may pay the financial intermediary for the sale of shares of a fund and/or the servicing of shareholder accounts. These payments may create a conflict of interest by influencing your broker/dealer or other financial intermediary and your salesperson to recommend the fund over another investment. Ask your financial intermediary or visit your financial intermediary’s Web site for more information.
1 Year Mfs Aggressive Growth Allocation Fund Share Class - 529A (MM) Chart |
1 Month Mfs Aggressive Growth Allocation Fund Share Class - 529A (MM) Chart |
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